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TRUCKING CRISIS WORLDWIDE
* India - Lenders delay seizing vehicles as resale prices fall, yard rentals up
Financiers turn ‘lenient’ as repayment chances fade if vehicle is seized because that reduces the earnings of owner
Chennai,India -The Wall Street Journal/LiveMint (USA), by Anupama Chandrasekaran -14 May 2009: -- Like many loan defaulters, Periasamy Ramalingam ignored the incessant telephone calls from his financier, Tata Motorfinance. The 52-year-old owner of Bangalore-based Infant Tempo Service has delayed payments on six instalments so far... But Tata Motorfinance, the financing arm of auto maker Tata Motors Ltd, which is yet to receive Rs8 lakh on Ramalingam’s loans for six trucks, is not rushing to seize the vehicles. Even six months ago, the lender’s agents would have driven off with trucks, had he missed just three payments... Loan collection agents, who didn’t want to be named, said Ramalingam’s vehicles had not been seized yet. A Tata Motorfinance spokesperson declined to comment... It’s not compassion that’s holding back financiers, but a spike in the cost of holding confiscated trucks and plummeting resale prices of commercial vehicles in a slowing economy... The irony is that the appeal attached with commercial vehicle financing has become its bane. The incentive in lending to truck buyers has been that confiscating a vehicle in the event of a default is easier than seizing other collaterals such as an apartment... (Photo LiveMint - Jittery ride: Seized commercial vehicles parked at a farm in Najafgarh, a New Delhi suburb. Vehicles have piled up in parking lots as many transport firms have voluntarily handed over their vehicles to lenders)* France - Asks EU to Help Truckers, Delay Market Opening
Paris,France -Bloomberg, by Francois de Beaupuy -April 30, 2009: -- French Transport Minister Dominique Bussereau has asked the European Commission to consider support for trucking companies that are hit by the economic slump and to delay a planned opening of the region’s road-haulage markets... The European Parliament on April 23 voted to let trucking companies that make an international journey in the 27-nation EU carry out up to three domestic operations within seven days of arrival... The proposed law, which requires approval from EU governments, would also allow trucking companies to use this right, known as cabotage, in any other EU nations provided the domestic operations there are limited to one per country within three days of entering the territory... The new law aims to bolster competition and reduce empty- truck runs across the European Union... (Photo from nancarrow-webdesk: Trucks near Strasbourg, French)* Ireland - DHL looks to cut costs and save jobs
Dublin,Ireland -HGV -13 May 2009: -- Courier company DHL has entered in dialogue with SIPTU, with a view to saving some of the planned 320 job losses it announced last week... The multinational employs 1,600 staff in Ireland in four separate divisions and plans to cut 320 jobs... The company announced last week that it intended closing seven regional depots in Galway, Sligo, Cavan, Athlone, Waterford, Enniscorthy and Tralee...Labels: trucking industry crisis
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